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DCU Centre for Family Business host conference on Professionalising Your Family Business

DCU Centre for Family Business host conference on Professionalising Your Family Business

Professionalisation and social capital investment were at the forefront of discussion during the DCU Centre for Family Business conference on Tuesday, 24th March.

“Where is your social capital balance sheet? Who holds it?” were questions posed to family business practitioners by keynote speaker, Dr Timothy Habbershon, managing director of Fidelity Investments and advisor to the Johnson family.

Dr Habbershon spoke about building social capital for a long lasting family business. “Social capital refers to connections between individuals and entities that can be economically valuable. Governance is a critical aspect of building your social capital. Poor governance constrains the organisational capital pool performance” he explained.

Professionalising the family business to drive growth was a core topic of the panel discussion between Dr Timothy Habbershon, Paul Hennessy (PwC Ireland), Colm Mac Fhionnlaoich (Enterprise Ireland), Michael Slein (LED Group), Dave Byrne (Dualtron Ltd.) and Jonathan Stafford (Stafford Funeral Directors).

PwC Ireland Family Business Leader, Paul Hennessy emphasised the need to professionalise. “Unless you deal with professionalisation you’re not giving your business or your family the best chance to thrive and to survive”, he remarked.

Dr Habbershon described professionalising as “an iterative process”. “You have to continue to professionalise to match the market needs and life stages”, he said.

The keynote family business speaker, Jonathan Stafford of Stafford Funeral Directors spoke candidly of the professionalisation process of his family business. Mr. Stafford was at the helm of the business’s growing professional development that included the adoption of standardised practices and improvements of funeral homes.

Having worked in funeral homes in Australia, the UK and US, Mr. Stafford spoke positively of extending learning outside the family business.  “What I learnt in these other places is that human resources are so important” he said in his address. Mr. Stafford advised others to “continually improve while maintaining the essence of your business”.

Facilitator to the panel discussion was chairman of Insomnia and Newstalk broadcaster, Bobby Kerr, who spoke briefly of his former family business Newpark Hotel, Kilkenny which was sold in 2008.

Over 150 attendees nationwide turned out for the Professionalising Your Family Business conference in the Crowne Plaza, Santry.  This year’s family business conference is supported by sponsors AIB, PwC and William Fry.

In May, the DCU Centre for Family Business will run a family business seminar roadshow in Cork, Limerick, Galway and Dublin. Please keep informed of event updates through the website (http://www.dcu.ie/centre-for-family-business/news-andevents/events/family_business_roadshow.shtml ).

For photos of event please find here: https://www.flickr.com/photos/124235528@N07/sets/72157651489480236/with/16737744108/